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tv   Cavuto Coast to Coast  FOX Business  August 11, 2022 12:00pm-2:00pm EDT

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>> no, i don't know. i know how our producers think. stuart: yeah, right. 10.4 million is the answer. california, florida have the most inground home pools in the country. above ground is another story. send "friday feedback" questions, comments, critiques, we want them all. send in the fan friday videos, record yourself, et cetera, et cetera. say you're watching "varney & company." you might be on tv. look who is here now, david asman. david: i guess those else plastic pools you fill up with air don't count? stuart: david: i'm old tagged. markets are mixed on new inflation data. the white house is touting zero inflation. really? many are asking why anyone is celebrating a 9.8% increase year-over-year. we'll be digging into what consumers are feeling.
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plus the administration continuing its push for consumers to turn to electric vehicles but ford's ceo jim farley saying the cost for the batteries in those evs are not going to be going down anytime soon. and after hitting a ratings and ticket sales grand slam last year, major league baseball is returning to dicerville, iowa. we have a live report from the "field of dreams." you don't want to miss this. a lot to get to. let's get started. what is driving the easing inflation numbers, madison alworth joining me now to explain what the numbers really mean. we have to dig into these numbers. >> reporter: we talked about it. we got good inflation news yesterday, when you look at why the numbers are lower and why is it slowed the first time in months, that paint as concerning picture. big number was gas prices going down.
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look at this, gas demand dropped from 9.25 million barrels per se top 8.55 million. according to aaa, 102.4 million barrels lower than last year. it is close to the demand from july 2020. we're talking about the early days of the pandemic. david: during the lockdowns. >> reporter: exactly. the vaccine was not out. people weren't traveling. gasoline was down 7.7% over the year. that is driving down the overall inflation number. you see it happening at the gas pump. the average price today 3.99. that is below the highs we were seeing a couple months ago of over $5 a gallon but a year ago that average was $3.18. so it is evident that gas prices, inflation are impacting americans. they're changing their driving habits because of prices. they're down because demand is down. summer is the busiest travel time of the year and people are not, there is not as much gas going into american tanks.
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this is when people travel. they're changing because of prices. david: well, yeah, because of all the prices. first the demand destruction with gas and then they figure you can put off a road trip. you can't put putting food on the table. if you have to choose you go with the food, put off the road trip. i think that has a lot to do with it. >> reporter: absolutely. we're looking at driving levels we saw in july 2020. not as much travel, no vaccine. remarkable this is where we are. this is supposed to be a rebound summer. people are supposed to be seeing their families. david: madison, thank you very much. joining me power of the future ceo daniel turner. daniel, i thought that was a great report from madison. the fact is we're down to levels of demand for gasoline we haven't seen since the lockdown when a lot of people couldn't drive around? >> what we're seeing is total demand destruction. i understand the political side of the white house wants to celebrate this, right? when you're a politician you
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take wins wherever you get them. the biden administration is saying our policies are bringing down prices. in effect they're telling the truth. their policies are i mr. bringing down prices because they're destroying the economy. as demand decreases, supply of oil inevitably will increase. biden deserves total credit, crashing the economy, driving us into recession is having an effect on gas prices. david: that is blame. he does claim credit. he claims that it was the release of the oil from our petroleum reserves, also he says that he is encouraging production although we haven't heard a lot about that from the oil companies but what would you say his taking credit for the prices going down on oil and gas? >> it is nonsense in every sense of the world. prove of that the trips he made overseas. recently went to saudi arabia trying to get opec to produce more.
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the the envoys and emissaries he sent to venezuela and iran trying to get them to produce more. not too long ago when he was asked by a reporter when prices will come down, they will stay high as long as it takes to win the war in ukraine. if he is taking credit right now, we must be winning this war in ukraine. that is clearly not the case despite billions we keep sending them. their messaging on oil has been so sloppy from the beginning now they forget what they said. it is the mark twain quote. never lie because you always remember what you said. david: daniel, then you have the issue of this new bill, the tax-and-spend bill which has a lot of green stuff in it. in fact "the wall street journal" reports today that they were planning to overturn, literally overturn the win west virginia had in west virginia versus epa. that is when the supreme court said, look, you cannot use these
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regulatory agencies to create stuff that should be created, laws that should be created by congress. soar this going to essentially eliminate, give the epa the superpower in the bill. by the way joe manchin was okay with it. he signed off on that even though is from west virginia. the parliamentarian looked at it closely, scrubbed it from the bill. you can't include that because it is not part of reconciliation. we came close to overturning that supreme court ruling. >> yeah, which goes to show you the concern they have for, for states rights. you know we see a lot in a lot of political discourse now, the weaponization of government, right? the raid on mar-a-lago. the fbi has become too big or other agencies. the environmental movement, we've seen this with the epa for 20 years now. we've seen the weaponization of this agency. we've seen the weaponization of the department of interior undersecretary deb haaland to
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push an agenda. i understand congress is trying to take back all the power they have because they need to target the fossil fuel industry to push this green agenda. they included in the same piece of inflation reduction act as they call it, they included hundreds of billions of dollars in green subsidies. david: yes. >> wind and solar is the panacea they always claim they wouldn't need more federal dollars. david: that's a great point. finally, it has to be relatively quick, daniel, what will happen in the fall and winter? it is easy to postpone a road trip. it is not so easy to turn down the thermostat when it is freezing outside, is that what a lot of people will be facing? >> it is, and that is the really scary part, in order to keep the electric grid alive, we need bun can't of supply. our supply numbers are low. that becomes more concern in the winter an extreme cold. just a reminder for your grade
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audience, four times more people die of the cold than the heat. we were concerned about summer brownouts. winter brownouts are more of a threat. david: let's hope it doesn't turn deadly. daniel turner, thank you for being here. >> thank you. david: the white house is touting a string of what it sees as positive economic developments but as edward lawrence explains, inflation is still wiping out any real wage gains for americans. edward? >> reporter: david, you touched on this too. president joe biden misleading the public a little bit. he made this claim geoff going on vacation in south carolina, listen? president biden: we received news our economy had 0% inflation in the month of july. 0%. >> reporter: so he is talking about a very narrow look at overall inflation from june to july. what he should have said is that there was no increase in inflation for that one month. we still have huge numbers.
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8 1/2% year-over-year inflation. in fact the white house told me over and over since president biden came into office one month does not make a trend. still the producer price index came in underexpectations today, 9.8% year-over-year. in fact it shows an easing of inflation pressures on companies. now white house senior advisor gene sperling says he thinks inflation might have peaked. >> in november and december the year-over-year inflation rate will, will be, will be lower. >> reporter: president viewing this as a signal that his policies are working. the republicans disagree, that slowing consumer spending reducing demand means recession, not progress. government spending means more inflation. >> ridiculous unnecessary spending. when the government spends more money unnecessarily it will lead to more inflation. 8% is still a lot of inflation. >> reporter: both cpi and ppi
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reports out today give the federal reserve more of an argument to raise rates possibly by 3/4 of a percentage point in september. david: we'll replay claims a year ago of the biden administration talking about inflation having peaked. edward, thank you very much, appreciate it. former treasury secretary larry summers warning of turbulent times ahead for the u.s. economy. take a listen. >> i still think we still have a very serious inflation problem in this country. i don't think that inflation problem is going to go away of its own volition. and so i think we're likely to have some quite turbulent times ahead. david: get the read from former white house office of management and budget director russ vought. great to see you. larry has a genius for stating the obvious, something we all recognize but what the real question, what are we going to do about it? >> he brought a lot of
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credibility to this issue. one of the first on their side of the aisle to articulate this was a problem and the difficulty for the white house they have a number of people, senior economic people that were saying this was not going to be a problem and of course it became a problem, a cerus serious one the american people are dealing with. i don't think it is going away. real think this last month they got a little bit of good news as a result of gas prices but if you look at the size of the component in these forecasts that shelter takes, shelter is up 20% every month. so, that is a situation where that has not really been in fact impacted into the inflation models in a way that i think is going to come to fruition in the months ahead. david: the thing about it, larry, you're right, you're right he did forecast inflation as a result of the original american rescue plan and some other things the administration did, the original bbb plan but
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he says this bill is okay but it might decrease inflation while other people say no. i don't know how more government is going to solve the problem? >> it's not. he is still a democrat. of course it, when it comes to their main priorities, he will be on the wrong side of it. the reality this bill will make it worse. you're going to have more spending in the economy. you are going to have a lot of tax increases that are part of this package. you will have people paying more for taxes because of the 87 thou new irs agents they're trying to come up with, interesting ways to say those aren't going to impact people, small businesses or the engine of the economy. the reality is people will be paying a lot more. that will come at the cost of investment in the economy and paying people additional wages. this bill will do everything that is wrong for the economy and unfortunately it is something that it looks like on
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the precipice of being passed and enacted. david: you used a key word there, you said reality. in reality we have experience with these things. in reality obama and biden came in during a recession. they increased taxes and increased regulations which coming out of a recession is exactly the wrong thing to do. as a result over eight years they had a growth rate that was the lowest coming out of, coming into a recovery that we've had since world war ii, 1.6%. ronald reagan on the other hand, also came in during a very bad recession. he lowered tax rates, lowered regulations. as a result in his eight years we had a growth rate of 3.6%. so you got 1.6% growth rate versus 3.6% growth rate. obviously one series of policies does better than the other. >> no question about it. this is not hard. this is basic economic history that we have learned from and
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one of the reasons we're in this problem is that they ignored those fundamentals with regard to the extent to which spending and inflating the money supply will lead to inflation and they're not changing their economic policies. they are continuing to regulate. they are continuing to increase or decrease the supply of energy so that people have to lower how much energy they use. i think you were spot on when you said this is impacting the calculuses of families that choose not to get on the road and unfortunately we have more of that to come in the years ahead with this administration. david: what they're also doing increasing the authoritarian side of government in many ways. let's stick to the economy. the supersizing the irs, authoritarian, this is how we'll balance the budget. they actually had the nerve to take out an advertisement, irs did, a job notice that they put up that says, among other things, that qualify you for the
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job, to carry a firearm and be willing to use deadly force if necessary. now the irs got so much feedback from that they took it down but that kind of shows you, i think kind of a dangerous tendency towards authoritarian solution to the economic problems. >> yeah. the american people would be horrified to know the extent of all of the different agencies that are armed and dangerous and irs just give them more indication to be more aware of that. of course they will not actually change the job they're hiring for. they're just changing the job description they put online and the irs does not need these vast number of, 87,000 agent. what on earth, what do you need all of those people for you will audit as far as the eye can see, leave no audit behind in this administration. that is what they're arming for. when you're in a audit situation, you're proving somehow you're innocent.
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it is not as if you have a strong ability in those environments to be able to present all of the documents. you're up against it in those. the american people don't want that. and they want to be able to live their life, build their businesses, strengthen their communities and this is their approach, saying hey, no, you need to keep paying more taxes based on questionable gray areas in the tax law. david: right. by the way, a six fold increase, when americans are tightening their belts, they're talking about loosening the irs belt by a six fold increase over a 10-year period. i mean that is extraordinary supersizing of the irs. russ vought, good to see you. thank you for being here. appreciate it. it has been three days since the fbi raid on mar-a-lago and the department of justice remains silent but we could soon see what was in the warrant. next the request to unseal the records.
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david: a lot more fallout from that raid on mar-a-lago. still no word from attorney general merrick garland but trump's attorneys are speaking out. david spunt is live at the
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justice department with the latest on all of this. david? reporter: david, good afternoon, good to be with you. so it is doj policy for the attorney general or other officials to decline to comment on an ongoing investigation, however this case is extraordinary. this involves a former president and that policy is just a policy. the attorney general could speak at his discretion if he wanted to. we haven't heard anything from him or seen him publicly but fbi director christopher wray was in omaha, nebraska, yesterday and asked about this, even pushed questions over here to the justice department. watch. >> well as i'm sure you can appreciate that's not something i can talk about, so i would refer you to the department. reporter: so new details about the early june meeting we told you about between trump officials and doj officials at mar-a-lago. during that meeting trump lawyers took the doj team down to the room at the estate where boxes of material were stored. some of that material viewed by the doj team was labeled as
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sensitive materials. our source wouldn't say there was a specific designation such as classified or top secret, david. also unclear is whether the doj team asked at that time for an inventory of the material to be stored. after months of high level negotiations twine the trump team and the government over potentially classified information broke down, this happened at some point in the last eight weeks. that is why the search of mar-a-lago took place on monday. there is according to several sources familiar with the search around the prior meetings at mar-a-lago. now the former president's team denies this outright and claims donald trump has been cooperating and happy to cooperate and turn over the requested material. law enforcement sources claim that is misleading. the former president's son eric told "the daily mail" the fbi refused to turn over the search warrant. trump's attorney christina bob said she was later given copy of
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the search warrant. they have the warrant but there are no plans to release it. here is where we are, david, there are questions why the fbi went into this property. that would be written out in detail and more detail on the affidavit. so all of these documents are sealed in some way. the trump team has some documents. the government obviously has some documents. the judge right now is asking as a result of a lawsuit that the department of justice to decide by monday what they want to do. will they unseal these documents, will they keep them sealed. if they're unsealed we will be able to answer a lot more questions, i will tell you that. david: indeed. david, thank you very much. appreciate it. let's get reaction from john yu, former deputy assistant attorney general and uc berkeley law professor. great to see you again. let's just start with the doj having done something totally unprecedented to raid a former and potentially future rival,
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political rival of the party in power, to raid that office, it has never been done. all kinds of political complications and so forth. is it necessary now to release some of this information, to release the warrant, to release the inventory what was taken, et cetera? >> it will be up to the court down in florida that executed, signed off on the warrant to make that decision but i agree with you, david, i think there are important questions here that go well beyond some garden-variety search warrant you use against a drug deal he or organized crime the as you point out this is first time a search warrant has been executed against a former president. this is the first time where -- david: possible future contender as well? >> yes, you would have thought that the fbi learned its lesson from 2016 when people on both sides were very critical of jim
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comey and the fbi the way it handle ad similar investigation into hillary clinton and her potential of classified information t raises a lot, not just the constitutional issue because we have to worry about the effect on future elections. we have to worry about the effect on future presidents. we also have to worry about the fbi because there is this impression growing that they either, commit overkill here, sending the fbi around, 30 agents to look for classified documents? or they're looking for something else with a pre-text for january 6 related information. david: that is the point. they claim it is all related looking to the documents. when you think how other people were treated like this. there was no raid of sandy berger's place. there was no raid of hillary clinton when she took documents on her server. this is so out of context for the charge and you're supposed to use the least intense intrusive means necessary in order to get those, that information. clearly that was not the case with this raid, was it?
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>> i'm afraid these days with the fbi if it was mixture of incompetence because this was overkill or some kind of a malevolence they're targeting president trump because of january 6, and other investigations and they're using this as some kind of pretext. they might have had a valid search warrant. we'll find out. when hopefully the documents will be unsealed by the judge here but we don't know until we see the affidavits that were filed, all the secret information that went behind the warrant. once we see that, do they really have probable cause? is it really worth this unprecedented move of searching instead of reaching an agreement to get these kind of document the. david: john, we're running out of time, america's faith in our judicial system to operate without prejudice is really being tested what happened over the last 48 hours or so. you now have the president, the former president being
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interrogated by the attorney general of the state the state k who has a long history of prejudice against him. we can run a little sound bite to give you an example. roll tape. >> running for attorney general because i will never be afraid to challenge this illegitimate president when our fundamental rights are at stake. i believe the president of these united states can be indicted for criminal offenses. that man in the white house who can't go a day without threatening our fundamental rights. yes, we need to focus on donald trump and his abuses. we need to follow his money. we need to find out where he has laundered money. we need to find out whether or not he is engaged in conspiracies. david: john, does anybody believe that she could be an impartial prosecutor right now? >> you might have heard that president trump took the fifth during the interview he had with letitia james. this is highly unusual. the attorney general herself showed up at his deposition.
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president trump has been critical of people taking the fifth but in this case you can't blame him because he is up against someone who campaigned going after him without regard to the facts. she called him an illegitimate president. i don't blame him for invoking the fifth and not cooperating with the investigation. david: this is a moment that the people question their judicial system because of prejudice in a lot of these decisions. i hope we get through it okay. john yoo, thank you for being here. we appreciate it. prices of some electric vehicles are on the rise. what the ford ceo is warning about the future of evs when we continue. ♪. riders! let your queries be known. uh, how come we don't call ourselves bikers anymore? i mean, "riders" is cool, but "bikers" really cool. -seriously? -denied. can we go back to meeting at the rec center?
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david: well it's game on the streaming wars. disney plus is edging past netflix in subscribers now. fox business's lydia hu here with today's business headlines.
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>> hi, david. shares of disney are jumping today after better than expected quarterly earnings report. if you take a look at this very moment appears shares of disney are up better than 5% but the stock is down more than 30% from one year ago. now while dis's parks and experiences performed well amid in surge of travel there is doubts about sustained momentum moving forward. investors are encouraged by strong membership for streaming service disney plus. the company reported 152.1 million subscribers. that is 4 1/2 million more than expected. the company also revealed that it will raise the price of ad-free streaming by three bucks to 10.99 a month. companies add supported streaming service will start in september. it will cost 7.99 a month. ceo of ford, jim farley, said he doesn't expect the cost of raw
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materials needed for electric vehicles to come down anytime soon. these comments were made yesterday as the automaker also recently announced it is raising the starting prices for the new electric f-150 pickup trucks by 6,000 to $8500 depending on the model. david, this means the new ev truck the starting price will range from 47,000 to $97,000. david: whoa. >> reporter: woe, that is right. it could be the latest signaling more automakers generally across the board will raise prices for electric vehicles because prices cobalt, nickel, lithium have all risen sharply over the past year as demand outpaced supply. meanwhile we have good news for anyone itching to travel, domestic air fare is expected to drop by nearly 40% by this fall. that is according to the travel booking platform hopper. post-labor day prices for domestic air fare in september
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and october will cost travelers $238 round-trip on average. that is about $142 cheaper than the summer prices. even 3% lower than prices we had back in 2019. some of the best deals for domestic travel according to hopper, right now san diego, california, salt lake city, utah, international air fare. also expected to fall about 19% there. good deals right now. there is the trips to grenada, zurich, switzerland. let's pack our bags and hope there are pilots available to fly the plains. david: ford trucks used to be the middle class pickup truck in america. $97,000 for a pickup truck is not middle class, ev or not. it is definitely not something middle class can afford. thank you very much for that, lydia. the dow exiting correction territory. the nasdaq down now in a new bull market. does the rally have legs?
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let's get the read from mayflower advisor managing partner larry glazer. larry we don't have much time. things look good until they don't. i just wonder if the rally will last. what do you think? >> david, great point. good news, bad news rally. good news, ppi, cpi not as bad as fee wedder with negative sentiment but the bad news we're still at multidecade highs. wall street may be excited about this embracing it, but main street are not exactly doing backflips when everyday goods are up double digits. acknowledge the fact that interest rates are up. that is good news for savers. of the bad news it is below the inflation rate for everything they're buying. bad news for homebuyers because mortgage rates are up and inverted yield curve suggesting slowing ahead. we have positives but we should recognize the realities here. even in the labor market, david, it is bifurcated market. you can't find people to make burritos but tech companies are
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laying people off. this will only be determined by earnings season. big companies warning, semiconductor companies, micron. some are indicating there are supply issues, challenges ahead. we hope we get through this. people want to see midterm elections. they want to see relief from policy. they want to get through a really horrific first half of the year. anything feels good compared to what we felt first half of this year. david: larry, what a wonderful summation that got it all in there. thank you very much for that, good man. >> my pleasure. david: david. david: larry glazer. thank you very much. they built it, they are coming yet again. major league baseball returning to the "field of dreams" tonight. we love it w very a live report from dyersville, iowa when we continue. ♪
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>> is this heaven? ♪. >> it's iowa. >> iowa? >> yeah. >> could have sworn it was heaven. david: it is a bit like heaven f you build it they will come and keep coming back. grady trimble is live in dyersville, iowa, the host of the second major league baseball "field of dreams" games i'm looking at my fox weather app. it shows good weather throughout the game. it will rain tomorrow morning but tonight it will be good weather. >> reporter: tomorrow doesn't matter, david. the weather is heavenly for tonight's game. it is already is in dyersville iowa. this is exclusive event. only 2300 fans fit in the stadium. i will take you there as if
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you're one of the 2300. the fans walk through this area, as soon as they get through the gate, you see beyond the hill there, the movie site. that is the farmhouse, kevin costner's character sat on the porch decide he would build a baseball field in the middle of the cornfield on the farm. to the left of it is the field itself. this is big business as well. ticket prices are extremely expensive for this game. i looked on stubhub yesterday, the cheapest i could find, $700. the most expensive, i guess if you want primo seating for the game, more than $5000 t was a spectacular event, we saw kevin costner come out of the corn and players from the red sox and yankees follow from the outfield walking on to the field, what was a sin mattic experience. we don't know if kevin costner will be here again this year.
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the word is he won't be. i'm sure there are surprises in store as the cincinnati reds take on the chicago cubs in tonigh's game. the broadcast of course will be on fox once again this year, at 7:00. it is something that you're not going to want to miss, david. it has generated a lot of money in advertising as well because it was the highest rated baseball game, regular season in 16 years. word is that the ads for 30 seconds going for $250,000. big business here at the ballpark. david: grady, i got to ask, are you going to be there? will they usher you out before the game or will you be there for the game. >> reporter: hoping last year we can get it in we got to see kevin costner walk out in person t was a truly magical experience. for those who can't be here, amazing to watch on tv, because the production is out of this world. david: it was goose bump giving. i had goosebumps as i was
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watching. it was on the weekend. nice to have it on a thursday night this time. good to see you, grady. enjoy the game. i hope you stay for it. coming up an iranian operative targeting members of trump's cabinet in an assassination plot. general jack keen how we can continue to negotiate with iran on a nuclear deal after all of this has been revealed? ♪ i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement. this isn't just freight. voya. be confident these aren't just shipments. they're promises. promises of all shapes and sizes. each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. i grew up an athlete,
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>> welcome back to cavuto "coast to coast." i'm luck cast tomlinson in washington. the justice department said it was an act of revenge after president trump ordered killing of the soleimani years ago. he is a member of islamic revolutionary guard. currently wanted by the fbi. he plotted murder of trump officials outside of the united states. the scheme involved an alleged offer of $300,000 for a person he met over social media to eliminate john bolton an mike pompeo. the former national security advisor embarrassed the price on his head was so low. he thanked the feds for uncovering the plot. i wish to thank the justice
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department ishinitiating the criminal proceed egg, fbi diligence in tracking the iranian regime tracking threats to american citizens and secret service providing protect against iran's effort. >> this is a case of iran not simply carrying out service attacks against diplomat and servicemembers in iraq which they have done awful lot over the years but trying to kill americans on american soil. reporter: the assassination attempt comes two days after the quote, final text of a revised nuclear agreement with iran has been completed. the biden administration now considering whether to reenter it. the trump administration tore it up. here is the justice department announcing those charges yesterday. >> this was not an idle threat. this is not the first time we uncovered brazen acts by iran to exact revenge against individuals on u.s. soil. reporter: reference to that 2011 soleimani tried to kill saudi arabia then ambassador to the united states outside of a popular restaurant here in the
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nation's capital. david? david: lucas tomlinson thank you very much. joining me retired four-star general and strategic a analyst general jack keane. how can we be negotiating with these people? granted we're doing it through the russians, that is whole another story. after this could we continue to negotiate with them? >> well we never should have been negotiating with them from the beginning. there has been countless events certainly indicate the wrongdoing involved in that misguided decision. you know what happened here with the assassination of quassem soleimani who has as much blood on american hands as the 9/11 bombers in using those airplanes it was absolutely the right thing. when that took place in january of 2020, iran was back on its heels with the maximum sanctions coupled by this. the strength of the
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"abraham accords" and just a year later the biden administration came in and began not to enforce the maximum sanctions against iran and immediately opened the door for renewed negotiations over the nuclear deal that president trump walked away from in 2018. they walked away completely from what president trump was able to achieve in that time and just disregarded it. i think likely because it had something to do with trump as opposed to seeing the value in terms of what had happened and that was really sad and we're in a worst position today, because under this administration went to double-digit ukraine yum enrichment, up to 60% which is -- uranium enrichment up to 60% which is where we're pretty close now. months to whether we have a deal or not. we know what the iranians are doing. they're continuing to develop their nuclear capability.
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so yes, we should have shut this thing down. we should have gone back to maximum sanctions, strengthened the "abraham accords" and recognize full well that iran is fully intent to get a nuclear weapon through negotiations or secretly. believe me, the israelis covered they are doing it secretly. there is prima facie evidence they released in 2018 about that. david: general, is there any indication at all if there is some deal struck with iran on nuclear development they would adhere to that deal and pull back on what they have been doing? >> i don't believe that in a minute and i don't think the israelis do either because they know the iranians have always had a parallel system. something that the iae can inspect and something else that is going on in clandestine covert sites where they continue to advance their technology. that has been their pathway and obviously i think they are
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certainly going to continue that. why? because they continue to get away with it. david: another real hot spot of course is china and their interest in taiwan. they have just rescinded on an old pledge not to occupy the island. they have, they're doing a lot more things to threaten the island including these live fire drills they had right around it. if they actually short of invasion, if they blockade taiwan is there anything we can do about it, sort of like what we did with the berlin airlift? >> yes, certainly. i mean i do think this so-called d-day type invasion is the most dangerous option if china selected it but i also think it is one of the least likely. much more likely is a quarantine or a blockade as you suggest where they would, try to ininfluence and take control of taiwan's sovereignty by driving what is going to come into the
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country by air or by sea, not firing a shot to do that. taiwan would have to fire the first shot followed by the united states to break that or at least demonstrate a show of force to do that. yes, i think we could not stand idly by to watch something like that happen to taiwan. i believe taiwan and the united states would have to demonstrate their resolve, that we fully intend to keep taiwan's sovereignty open and it's right to international communication through the air and through the sea and yes, that would likely have some kind of a situation where the united states would have to demonstrate that force. i'm not saying it would have to initiate fire on them but would have to certainly present a force for them to, for them to recognize and also use that as an attempt to negotiate solving that blockade and quarantine. that i believe is one of the
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most likely options because china is always thinking about and what it does, it is intimidation, coercion campaign to gain control and influence without having to fight that has been their pattern and that option as you mentioned, david, falls right into that pattern and i think it's one that they would select over the d-day invasion. david: of course a blockade is like a declaration of war. we would have to deal with all of that. it would still be very dangerous. general, great to see you. thank you for being here. appreciate it. coming up larry kudlow will be joining us. we'll get his take on the latest inflation data and where he thinks the economy is heading and what about that irs jobs notice, talking about being willing to use guns? it is just extraordinary. larry kudlow on all of this coming up. ♪
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♪ ♪ david: and welcome to the second hour of cavuto coast to coast, i'm david asman in for neil cavuto. the white house fighting backlash with president biden claiming there's, quote, zero inflation. but the numbers show a very different story. also, shock waves, they just seem to be getting bigger from the fbi's raid of trump's florida home.
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and they have the justice department under even more scrutiny than the former president. people want answers, and our reporter is live from mar-a-lago with some of the answers, at any rate. and irs agents armed with calculators and now guns? the taxman facing new uproar after the agency's job posting seeks agents willing to, quote, use deadly force. we'll bring you the latest on all of this. but first, our top story, the white house taking a victory happen after consumer price inflation slowed more than expected. but is the mission accomplished? is that message a little bit premature? fox news white house correspondent jacqui heinrich is live in south carolina with more on this. hi, jacqui. >> hey there, david can. let's not forget this administration has consistently cited rising emergency costs as a a key drivers of inflation, allowing them to point blame to
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vladimir putin, russia's war in ukraine. and with the oil reserve sales coming to an end in october and also another round of european sanctions set to block even more russian oil from the market in december, energy costs are all but likely to go up again, bringing inflation with it. so this is a very risky messaging strategy for the white house at this point in time. and yet they're taking a victory lap, planning for the president, vice president and cabinet to travel across the country touting successes of the inflation reduction act which has been criticized, as we know, as a mismomenter by those who say this -- misgnomic -- misnomer. it's, again, a risky gamble for the white house as they set this expectation for voters they've succeeded in bringing inflation down when, in fact, it is much more complicated than that. but ahead of midterms, has democrats' strategy. >> what we should expect to see
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is, we believe, continued progress. always a few bumps in the road, but continued progress in an economy that will work for the people who work in this country and not just the wealthiest people. >> reporter: critics say not only is it a misnomer, but americans aren't feeling relief there was no change many inflation from june to july because, overall, prices are still 8.5% higher than he were at the same time, this time, last year. >> joe biden has never let the truth get in the way of his political opinion, and there's more ed of that yesterday. -- evidence of that yesterday. it's a year-over-year figure. and you know me well, i'm going the look at this from the standpoint of an everyday american family. they know when they go to the grocery store or, as most american families are doing right now, when they're shopping for school supplies, everything has gone up. >> reporter: so officials from the white house have worked into their messaging that there is still a long way to go to bring
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inflation down, but they are certainly taking a victory lap where they can, david. david: thank you very much. meanwhile, you may see some fat being added on to your beef prices soon. kelly o'grady with the late on why the weather could be bringing the cost up even more. kelly. >> reporter: hey. good to see you, david. yeah, we've been on the ranch here out in acton, california, and it's pretty idyllic. you've got the dog herding the cattle, and you kind of forget that these farmers are experiencing some of worst conditions ever because of the drought. the ground is not fit for grazing, and like many others, the ranchers have had to cull the herd because it's more economical to feed them. ultimately, less meat in the years to follow. the usda expects beef production to drop 7% next year, and it's know effect. -- domino effect. so i'm here at diamond w cattle company. they've got 2 the 00 i cows --
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200 cows. i want to introduce you to the owner, mike williams. you've got 200 cows. how has the drought impacted the size of your herd? >> well, we're running about a third of the cattle we normally run on this ranch. it's been a several-year process we've been cry here in california, for several years now. >> reporter: wow. down from 600. so what might that mean for some of our viewers who want to flip some burgers weekend when it comes to prices? >> well, if it was just me, it wouldn't mean too much. but there's ranchers all over the united states that have had to do similar things, and their options are so limited because of the cost of feed and fuel that they're reducing or liquidating herds. it's pretty common right now, so the total number of cattle in the united states is reduced quite significantly. >> reporter: yeah. i appreciate you sharing that with our viewers, mike. david, if the drought lessens and the farmers are able to expand their herds, mike was telling me it's going to be really tough because if if you break even, you know, you might
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see those high beef prices at the store. that doesn't mean it's profit in their pocket. it's going to take a lot more money, a lot more time, a hot less drought to see those prices go down. david: yeah. and those folks, those ranchers work their butts off. they are up very early in the morning, stay up very late at night too. kelly. >> reporter: i can attest to that. he was out here real early with us. [laughter] david: yeah, i mow. which means you were up early too. kelly o'grady, appreciate it. well, the white house is praising the inflation numbers even though americans are still suffering a burn in their bank accounts from near record inflation. but the mantra from the biden administration is striking a very familiar tone. listen. >> our economists have conveyed that they feel that the impact of our proposals will be transitory. >> all of the economists that the president's been relying on suggest that there is a transitory nature to the inflation problem. >> economists call all these things transitory the effects.
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>> we've had several months of high inflation if that most economists, including me, believe will be transitory. >> we don't expect that those, that upward pressure will produce substantially higher prices or that the effects will be persistent. we expect that they'll be transitory or temporary. david: well, of course, they were dead wrong. joining me now, brandon arnold and delancey strategies president jared levy. thank you for being here. ban dork i mean, it is exactly the same rhetoric, and they were all those brainiacs from the fed, janet yellen, etc., they were all dead wrong. a lot of us here were right, but they were wrong. why should americans believe it this time? >> well, they shouldn't. and, you know, listen, there's a lot of complicated factors out there with the economy. we talk about geopolitical constraints in ukraine right now, but here's one thing that's
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pretty simple: don't spike the football this early. you have one month of slightly positive improvements on inflation rate, most of which is attributable to emergency. a very volatile commodity. we see higher food prices, higher shelter prices, higher prices for medical care. there's so much other noise taking place in the data right now for them to be out celebrating is absolutely tone deaf. david: and, jared, yesterday we got the one set of numbers, the numbers from the consumer. today the numbers from the if producers. that usually precedes -- that was down a little too. but, again, all of the downward movement was because, as brandon was saying, of energy. and what we now mow is energy demand is way down because prices went way up. that is, there was demand destruction. that's why the prices have come down, and that's probably not going to continue. >> yeah. funny how you can -- listen, i mean, this guy, you can quote any statistic to make it work in your favorment first of all,
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what's kind of ironic is both the cpi, the consumer pricer index, and the pp birx, the producer price index, they're all saying, no, strip out the energy, look at the core. and if you look at the core which are stickier prices, both of those went up. they weren't flat. so, again, they're sort of playing on both sides. and that, you know, just like brandon stated, this is not the time to spike the ball, to deliver that kind of message. you know, what you're going to do is leading yourself to bigger discan appointment. i think they're hoping a repeat of what happened last year. so july, august, september, i'm looking at the chart right now, inflation looked like it was coming under control and then, boom, later in the year it surged. and i think this is a little bit of a seasonal thing that they're playing off of, hoping they can run around get that messaging out there, oh, we just passed this bill and, don't worry, americans, inflation's under control. and the reality is on main street it's not, it's just not. david: and, brandon, what are
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higher taxes and a supersized irs going to do for all this? is that going to help the situation in any way? [laughter] >> it's the hard to answer your question with a straight face, david. obviously, everyone from the penn wharton budget model, even bernie sanders knows this bill is a complete canard. it is not going to do one iota to lower inflation, particularly in the short term. it will hurt the economy, and we're in all likelihood in a recession currently, and it will hit americans with higher taxes, including americans that make much less than $400,000 a year and subject them to more scrutiny by the irs. but it's not going to do anything for inflation. david: brandon, jared, i wish we had more time, but we do have to i move on. thank you for being here. coming up, fallout from the unprecedentedded if fbi raid on trump's house with lawmakers demanding answers from the justice department. we're going to bring you the very latest scoop live from mar-a-lago. you won't want to miss that,
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offices. the fbi reporting after an alarm and a response by special agents, subject fled the scene where gunfire was exchanged between the suspect and and law enforcement. we're not aware at this moment as to whether the suspect is still at large, but we will presumably hear manager about that at a presser later, and we'll bring you the news as soon as we get it right here. meanwhile, trouble is brewing at the justice department after the unprecedented fbi raid of former president trump's home with growing calls now for the doj to break its silence and explain why the warrant was issued in the first place. i want to get right to ashley webster with all the latest from mar-a-lago. hey, ash. >> reporter: yeah. hey, david. that silence, by way, is becoming deafening, and the justice department has until august 15th, which is monday, to respond to to several requests to have that search warrant unsealed to find out what is many it. that, of course, the warrant was
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served behind me here three days ago. one of requests came from the albany times union newspaper who argues to a florida judge that unsealing that warrant would not hurt any ongoing investigation because the warrant, well, has already been executed, and the target of the search, donald trump, has full knowledge of what happened. but, again, the details of that search and why it was conducted are still unknown at this point. meantime, "the wall street journal" is reporting that monday's raid was actually prompted by a tip. the paper says from someone familiar with the stored papers of mar-a-lago. about a dozen boxes of those documents were removed on monday by fbi agents, but exactly what they contained, again, still unknown. i can tell you a growing number of republican lawmakers are calling for u.s. attorney general merrick garland to make a public statement as soon as possible on why the raid was conducted. or they say he should simply be removed from office.
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take a listen. >> where the heck is he, by the way? has he even been seen in public? is he alive in this is a guy who needs to come forward right now. he needs to publish the warrant, he needs to publish the list of everything they took from the president. this is a serious, serious breach of rule of law, which is why garland needs to go. and if he won't resign, he ought to be impeached. >> reporter: and also, david, we should point out there are reports now within the very justice department themselves that believe that the agency should be making some kind of public statement. they say the silence right now is just fueling the suspicions of a political vendetta. in other words, the optics don't look very good at all, david. [laughter] they'd david ashley, thank you very much for that, appreciate it. democrats are trying to stay on message tout toking some recent economic wins, but they cannot escape the barrage of questions resulting from the political shock waves caused by that fbi raid. fox news congressional
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correspondent aishah hasnie has the latest from capitol hill. >> reporter: well, you could say that the silence is deafening on this side of the aisle too. as you mentioned, they're trying really, really hard to stick to hair streak of victories. -- their streak of victories. however, the fbi raid on the form former is really sucking up the oxygen at least in this building. so during a news conference yesterday about her trip to taiwan, house speaker nancy pelosi refused to answer multiple questions about the raid. >> i think we made it really clear that this meeting was about this codell. i'll be having other press conferences in the next day or so about legislation and about whatever else is going on. >> reporter: about whatever else is going on. so senate majority leader chuck schumer and the president as well keep avoiding the subject. instead trying to focus on sweeping legislative victories like their massive tax and spend plan. republicans, on the other hand, are turning this into a midterm
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issue. they're using the raid to urge the former president to announce his 2024 bid before november so that he can help them win back the house, and then they can start investigating the doj which they accuse, of course, of being mitt saysed by democrats -- politicized. when the hill asked speaker pelosi if this raid might have a negative impact on democrats in the mid -- midterms, she answered, no. for now, david, it is what everyone here wants to often, and she is very much likely to the to get quizzedded about it once again at her muse conference tomorrow. david? -- news conference tomorrow. david: it's the story of the moment, no doubt about it. it will be for a while. charlie gasparino is here with the latest. he's got a scoop on that warrant prompting the fbi -- >> we caused quite a stir yesterday, got picked up a lot, on my tweet and my report that the trump people were looking at three things, some sort of a court order to compel the release of the affidavit, to compel the release of what's
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known as the return. that means everything that was taken. they say -- david: kind on an inventory? >> of everything, okay? and to compel release of the warrant. now, i spoke with trump people, i spoke with eric trump. they tell me they don't have the warrant, okay? they've seen the warrant -- david: because the department of justice says, well, the former president could release the warrant. >> they told me they don't have it. now, if you listen to what ashley said, the warrant's under seal. if there's got to be a mid-ground here that is accurate, which it sounds to me -- she was shown the warrant, the lawyer on the scene, i think her name was christina bob -- david: apparently by a instance of 6 feet, so she couldn't inspect it very good. >> i heard that too. and then whatever she was given was not the full accounting of -- not the full thing, you
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know? it was a redacted document, apparently. it's just so bizarre because we're trying to get to the bottom of this because, trust me, my twitter page is blowing up on this stuff, you know? was she given the warrant, wasn't she given the warrant? did she just see the warrant? you heard 6 feet, i heard 5 peat. it's so bizarre -- [laughter] the whole thing. it's shrouded in mystery. we have a justice department that is not saying anything, and i'm telling you, david, and i think you'll agree with this, if you want to sow distrust in the justice system, this is how you do it. i've always seen the way the fbi and doj operates from white collar crime standpoint. it would be the guy that was invested -- investigated being arrested for insider trading. his lawyer would say let's just turn ourselves in, you know? they would go, no, no, that's not how it works. willed be a camera outside, up a cnbc camera, could be another camera, and you would see the
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raid like it was the, you know, busting into a terrorist's cell. in some guys apartment on park avenue. [laughter] and he'd be hauled out in front of his kids and wife and charged with insider trading and, you know, halftime he got off because -- half the time he got off because it was very difficult cases to prove. that's kind of how they do things, but all expect them noted to do that with the former president -- david: well,ing it's never been done before, that a former president and and potentially a candidate for the future -- let's put it plainly, a political rival of the current administration is now being subjected to something that hillary clinton was never subject to when she took information, secret information on her laptop. sandy berger, he was convicted of a misdemeanor, but again -- >> how about hunter biden? where's the raid on his apartment? david: exactly. >> so we can see more pornography, you know? [laughter] that's a joke, but it is
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probably true. now, you've got to ask yourself why did they go through their clothing? these are all questions that are coming up. the fbi, why do they immediate to look at melania's -- whatever they were doing in melania's clothing or trump's underwear? whatever they were doing? particularly on mob cases, i would know they would go into people's houses and rifle through drawers, dressers, look for stuff. david: right. >> that's kind of standard operating procedure. but, again, you're treating the former president of the united states and his wife as something like mobsters. david: yeah. >> you know, i will say, david, unless they have a smoking gun or they believe that there's a smoking gun, a memo that says donald trump said let it rip on january 6th and who cares if pence dies, that has to be the bar here. david: yeah. >> because if it's just they misplaced these files -- david: right. >> -- we're a banana -- david: are you hearing anything about whether they may have come
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up empty -- they claim they're not going for january 6th, but few people believe that. >> yeah. why would they do this? dave:ed it's a fishing expedition. just allow out net. >> well, i'm telling you, if they don't have probable cause that there was of a document in there that showed donald trump committed a felony -- david: right. >> -- well, hen you have got to really ask yourself who's running the story here? david: yeah, yeah. and that makes charges for impeachment of garland seem more reasonable. right now it's in the political stage -- >> but, again, my background is covering white car crime. david: yeah. >> this is what they do with white collar crime criminals. david: yeah. not a former president who may be a contender in the next election. >> need to the find out about that warrant. les some weird gray area about do they have it, do they not have it? what was in it? i mean, it's crazy. david: charlie gasparino, thank you for your reporting. coming up, how people are using credit cards to cushion the higher prices.
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david: well, new data showing nearly half of american credit card holders are turning the credit card rewards to cushion some of the sting of inflation rather than closing their wallets altogether. is this a simple fix, or are the high prices a much bigger problem? who would know better than personal if finance expert and national best selling author and a very good friend of mine, he's also author, by the way, of this book, baby step millionaires, dave ramsey. dave, i wish every american could take baby steps to become a millionaire. they can't, of course, but they can move in the right direction.
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and and what i mentioned mt. intro is kind of a set-up question, because i know your answer. you're not suggesting that americans use credit cards to cushion anything, are you? >> well, the only people that can borrow without any repercussions eventually coming home to the to roost is congress. [laughter] david: that's true. >> the rest of us have to live within a finite set of money. so this idea that i'm going to borrow to cover this inflation that's driving me nuts, i went to fill up my truck the other day, and i about had a heart attack. it's unbelievable out there. the biden administration's got a real problem on their hands with this economy. it's a political mess, because the parts they could control and help with, they haven't. and the consumer is running up credit card debt, more debt than in 23 years. david: wow. >> it's a record. we've been decades since we've been in this bad a position, and people are going to fix the inflationary problems, the pressures with the wrong tool. and the credit card is the wrong
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tool. the it's going to cause them problems later. it comes home to roost. it's really sad. david: and yet what's also sad is the rhetoric coming out of the administration which is just wrong. last month the president claim ared that americans' debt was much lower. then you had janet yellen saying that inflation wasn't a problem for consumers because they would be cushioned by their savings. i mean, both of those statements are wrong, nosome. >> well -- no? >> well, when quotes like that come out of the island of misfit toys, we know they're not true. [laughter] we we know when you talk to to real human beings walking around on the street like you and i do, and i talk to hem every day on our radio show, they know we're in a recession, and hay know what it is. it's two consecutive quarters of gdp shrinkage. we are officially in a recession. we learned that in econ 101. we haven't seen inflation like this since carter. i mean, this is clay-clay land. -- cray-cray land.
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when people are running hair credit card to keep from putting back on the shelves and they pill up their car and -- fill their car, this is real people. they know what is happening out there, and it is scary for folks. they can survive is it with a plan, and it's not using credit cards, but it's tough to. david: you and i first met during the last big recession in 2008-2009. you helped people through that. a lot of people were, could have been in much worse shape had they not, had they not listened to you. you gave them great advice to get them through it. what advice would you be giving now? >> well, what you need to do is project whatever you're doing out ten years. and if you're borrowing on credit cards to keep your lifestyle exactly where it was in an inflationary cycle, you know that's not going to project well out ten years. you're going to say that's a dumb idea, because it is a dumb idea. look out into the future and say where is that going to take me.
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that kind of critical thinking will lead you back to doing a budget, cutting back on some areas to cover these inflationary items. there's some stuff that we've been doing that we just can't do right now in most households until we get past some of this. and so we have to control many our own households controllables. what happens in your house if you're watching this is way more important than what happens in the white house. so don't let this outside variable destroy your future by you not controlling you. david: dave, very quick, a specific question now. a lot of people took out loans when interest rates were virtually at zero, and they figure, oh, i'm a winner, so i'm going to hold on to that loan. i'm not going to think about paying it off because i end up ahead. what would you advise those people? >> well, in the in the that we did for that book that you outlined a little bit earlier, baby steps for millionaires, 10,000 millionaires that we study ised, the way they became wealthy was they used their most powerful wealth-building tool to
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invest. that's their million. but when you -- their income. when you give it away in the form of payment ands you don't put that same amount of money in your 401(k) or roth irs and good growth stock mutual funds with long track records, you are dooming your future. so you're going to end up with a rusted car instead of a million dollars in your 401(k). david: gotcha. dave ramsey, baby step millionaires. i love title of the book. thank you so much. wonderful to see you again, dave. thank you for being here. >> you too, my friend. david: coming up, larry kudlow on biden claiming we have zero inflation and a lot more. we'll be right back. ♪ ♪♪ ♪
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david: breaking news here, we are learning that attorney general merrick garland will be making a statement at 2:30 p.m. eastern time. it's very cryptic. we don't know whether he's going to talk about the warrant, whether he's going to talk about the raid in any way of donald trump's residence down at mar-a-lago, but he is going to to be speaking at 2:30 eastern time, a little less than an hour there now. larry kudlow is joining me now for details. larry, we were going to the start talking about the economy, about inflation, new tax and spend bill, but let's first talk about the raid. what is it you want to hear from our attorney general about what happened at mar-a-lago? >> well, i think i want to hear, and i think the rest of the country wants to hear, what is, first of all, what's in the search warrant specifically? he has to become transparent. and, by the way, you know, the florida judge has given him
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until monday to put that out, so maybe he'll do it upped today, maybe he won't. and i think people would like to know what was the reasoning behind decision the to make this outrageous raid on mar-a-lago simply because, david, what we've are learned from john solomon and other good reporters is that the trump, mr. trump and his people were cooperating with the fbi and the national archives and were having conversations as recently, you know, satisfactory conversations as recently as a couple of weeks ago. david: right. >> and they've done everything they've been asked to do. so what's in this search warrant? and why did they decide to is have this incredible, extraordinary, awful break-in? that's -- [inaudible conversations] david: they claim it had nothing to do with january 6th, but a lot of people don't believe that. they think that they were not
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getting -- >> who? david: well, the administration themselves has said this was about january 6th. excuse me, it wasn't about january 6th, that that was their statement. it is not about january 6th, all about the documents that the president had, but a lot of people hi it was about january 6th, they're just trying to throw out a big net and get whatever material they can to cull through and get something they can prosecute him on. >> well, i think that -- i mean, again, this is my opinion, not based on facts, but i believe this was a fishing expedition -- david: yes. >> i think they were looking for documents way beyond the national archives. national archives is like an overdue library book. i think they were looking for documents that would go back to january 6th. i, frankly, think that the justice department in cahoots with the white house and, of course, running the fbi want to
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find evidence that would link president trump to some kind of january 6th conspiracy. and i think they want to haul him off into court. and all this is designed to prevent him from running for president. that is my own personal view, and going to take a lot to change that view. but i'm very interested in what the attorney general may or may not have to say today. a. david: larry, brings to mind a bigger issue which is the authoritarian tilt of this administration. we've seen it in a number of different ways. with the pandemic mandates, with their executive orders on the climate, etc. of course, this raid is another example of that. and now the militarization of the irs. we saw this extraordinary jobs notice that the irs put out in which they say, among other things, that the people looking for one of these new jobs because they're going to supersize the irs, employ tens
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of thousands of new agents, they say they must carry a firearm and be willing to use deadly force if necessary. i mean, is that really what you want to be saying when people are worried about sort of an authoritarian motion that this administration has? >> yeah. well, you know, i -- in theory, you know, these extra agents were supposed to be a bunch of tax accountants. it turns out they're, you know, a bunch of armed to the teeth mercenaries that they're looking for. and, you know, this is part of this governmental, imperial bureaucratic overreach. we've seen it in the epa, the energy if department, the interior department. we've seen it in the white house with their regulatory, i mean, it really is big government socialism. they are jamming it down the throats of the mesh people. this is yet -- the american people. this is yet another example, probably the worst example, i'll
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grant you that. although i've got to tell you, you know, this mar-a-lago invasion is something else. david: it is. >> just outrageous. they took the cell phone from this pennsylvania congressman. that that, to me, is incredible. they just walked up and said we want your cell phone. well, why do you want your cell phone? can i talk to my wife? nah, we want your cell phone. i mean, this is third world stuff. this is dictatorial stuff. and the bide bide-- biden administration thinks they are going to get away with it, but there's not, there's going to be an american revolt against it. let me finish. there's going to be an american revolt come november november. david: but what it is, it's ignoring the constitution. we have a fourth amendment against illegal search and seizure. i mean, it's -- they have this tendency, you mentioned the epa, by the way. he were beat back on that by the supreme court in west virginia v. epa where the supreme court said you can't just overlook
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constitutional mandates which is what they've been doing. we just pound out, by the way, that that ruling, virginia v. epa, was almost undone by this new tax and spend bill on something, by the way, that joe manchin signed off on to allow the epa to essentially get rid of coal production mt. united states. the parliamentarian scratched that at the last minute. i think it was the senator who said, wait a minute, he gave it to the parliamentarian. they raced it from the bill, thank goodness, because that would have again overruled what the supreme court just decided. >> well, yeah. senator cap toe of west virginia worked very hard to get thing overruled. but, but, but, but there's a $50 billion appropriation in this bill to provide a new
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environmental bank with or an energy bank. i don't know what they're going to call it. i don't think people know this. $50 billion for a bank to finance whatever the epa is going to decide to finance. this is solyndra to the 100th power. but this is also going to be used by the left-wing epa bureaucrats appointed by mr. biden. it will be used to further hair green new deal, radical climate agenda. you can if bet on it. -- you can bet on it. so, yes, capito got the greenhouse gas appropriation out of the bill. that's terrific. but on the other hand, this green bank or whatever they're going to call it, $50 billion is in there. and i can assure you, i can assure you they're not going to use it for new pipelines or new refineries or new natural gas, oil fracking. i can assure you of that, david
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asman. david: wow, wow. well, i'll take your assurance. but again, i just wonder how joe manchin could have signed off to a provision in this bill? thankfully, again, it was taken out by the parliamentarian. but that would have essentially wiped out coal production in his home state of west virginia. >> yes. well, i think joe -- you know, the yankees are on a losing streak, and i think joe manchin is having a very bad august here. [laughter] david: he should follow the mets rather than the yankees. let's hope yankees get their game back in ore. and maybe joe manchin, although i don't know. i don't see any sign of him at the last minute pulling out of this in a final vote on it, do you? >> well, no. look, the house is going to pass this thing. so that's going to be that. there's, you know, essentially. i don't even think the senate has to go back to a vote -- david: can i see. >> once the house votes on it tomorrow, i i think a's going to
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be over and done. it's the worst, most pathetic, anti-free market/capitalist bill i've ever seen. it will not reduce inflation. it will raise taxes. it will sic an armed to the teeth irs -- [laughter] on american taxpayers. i mean, it's really kind of bizarre stuff. but you know what? if this just, you know, the republicans have to make sure to communicate and message properly to the public. david: right. >> the public is already opposed to these kinds of things. this is more of the same. and before they do too much damage, we'll have the november elections, just around the corner, david. david: welsh -- >> the cavalry is coming. david: i wanted to thank you very much for joining us. my man, larry kudlow. thank you very much. we'll be right back, stay with us.
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millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. ♪ >> welcome back to coast to coast, i'm lydia with hu. the treasury department is just out with a report that shows the federal government collected a record $4.1 trillion many total taxes -- in total taxes over the first 10 months of the fiscal year of 2022 that runs from october through july. that that's up nearly 4% from the -- 14% from the previous record over same period last
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year. slightly more than half of that record collection, $2.2 trillion, comes from individual income taxes. and another $1.2 trillion comes from social insurance and retirement taxes. but it seems that's not enough for democrats who want to expand irs with $80 billion from the inflation reduction act which is more than six times the agency's annual budget. the money would result many adding 87,000 more irs agents. supporters of the bill say agents would pursue tax vadars. but already -- evaders. but there are concerns about who this will impact like the middle class. the joint committee on taxation said that 78-90% of money raised would likely come from those making less hand $200,000 a year. -- than 200,000. only 4-99 % would come from those making -- 4-9% would come from those making over 500,000. >> the numbers back it up from what they're serving out. they're going to spend hundreds
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of billions in new taxes, including new taxes on energy. if you don't hi you're paying enough for gas today, wait until they add billions more in new taxes on energy. >> reporter: -- $1.8 trillion in spending so far this fiscal year has resulted in a deficit of more than $700 billion. so while concerns grow that democratic lawmakers seem poised to take aim at the american wallet through the inflation reduction act, latest report shows that the government is already collecting a record amount of revenue, underscoring the criticism raised by republican lawmakers. the problem isn't tax collection but, rather, government spending. david -- david: lydia, thank you very much. joining me now is washington examiner chief political correspondent, byron york. we don't have much time, but a lot of people see as weaponizing the irs in a way that it hasn't before. when americans are tightening their belts, you have a fixfold -- sixfold increase over
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the ten years of the irs, and then you have these job notices that suggest you have to know how to use a gun with deadly force? this is not looking good. i can't imagine how they think it's good politics. >> hard not to be concerned about this, and i think one indicator that the administration knows this is that we saw this letter yesterday from janet yellen, treasury secretary, to charles redding who's the commissioner of the irs saying we're not going to go after people under $ 400,000 in annual income. we won't change any of the audit rates relative to historical levels. and then you look at what the historical levels are. 77% of the audits in 2021, just last year, were directed at taxpayers below $200,000. 51%, 51% were below $75,000. david: wow. >> so the irs was already targeting the middle class,
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they'll just have a lot more money to do it. david: it's extraordinary. it's really extraordinary. but, again, politics of this just look awful coming right before election. they're not going to pull this at the last minute, are they, from the bill? quickly. >> absolutely not. you know, remember the build back better fiasco. this was part of that bill too, and it made it into new bill. the democrats have wanted to do this for a long time. they have a chance, they're probably going to lose congress in november, they're going to do it now. david: unbelievable. byron york, makes no fiscal sense, and it's certainly going to hit middle class. thank you so much for being here, byron. we'll be right back. more "coast to coast" after this. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine.
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kardia mobile card is available for just $99. get yours at or amazon. david: the markets kind of split right now. nasdaq down just a tick. but dow jones and the s&p have a nice gain for the day. just kind of market charles payne likes to deal with. anything could happen for the next hour. charles, take it away. charles: thank you so much, david, you're right. i love these markets. good afternoon, everyone, i'm charles payne this is "making money." breaking right now the remarkable bear market bounce keeps going but don't you dare call it a new bull market. if you want to sit with the cool kids of wall street you better only watch the thing play out or you're a rotten egg. i will explain. the plus the stock of the day is disney. mouse house is maybe done with all of it is issues. if it is is it time for you to get back in? oil bounce everyone is waiting for. dove


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